Emitwise Raises $6.6m to Capture Surging Demand for Carbon Accounting
Emitwise, an AI-powered software platform that addresses corporate exposure to carbon, has received a further $3.2 million, bringing its total seed funding to $6.6 million, awarded in the last 12 months.
Emitwise’s carbon accounting platform helps companies to automate the measurement, reporting and reduction of greenhouse gas emissions to underpin corporate climate action. The firm specialises in embedding science-based trajectories that cut emissions from company supply chains at the quantity and speed needed to constrain global warming to 1.5 degrees Celsius. Demand for Emitwise’s proven approach is rising rapidly due to multilateral global climate action, rising global corporate regulation and record-breaking in-flows into Environmental Social Governance (ESG) funds.
Mauro Cozzi, Emitwise Co-Founder and CEO, said:
“With leaders set to ratchet up global climate ambition at the upcoming COP26 climate summit, there’s never been more certainty amongst corporates and investors: carbon equals cost and risk. A net zero-aligned model is a proxy for profit, efficiency and resilience and we’re committed to helping firms realise the major economic upsides of the transformation.”
Specialist cleantech venture capital firm, ArcTern Ventures led the latest $3.2m investment raise. The raise was supported by some of the world’s smartest finance and entrepreneurship minds, including angel investors supporting in their personal capacity, such as Peter Harrison, the CEO of Schroders; and Magnus Rausing; plus Saltwater (Uber Co-Founder Ryan Graves’ investment firm) (which has doubled down with a second investment in Emitwise).
Peter Harrison, CEO of Schroders, said:
“By 2050 we may find the pandemic will be dwarfed by the consequences of unchecked global warming. Investors are primed to support the net zero transformation. Through full carbon disclosure, Emitwise’s robust, action-oriented carbon accountancy approach is a key tool for re-orientating business for net zero greenhouse gas emissions by 2050.”
Marc Faucher, ArcTern Ventures, said:
“Enterprises face mounting pressure from customers, investors, and regulators to disclose accurate environmental data. Emitwise gives a clear line of sight to supply chain carbon which is critical for instilling effective mitigation strategies and incentives. Here at ArcTern Ventures, we believe Emitwise’s software platform is a game-changer that sets new standards in universal carbon footprint reporting.”
Emitwise enables companies and investment funds to track the carbon footprint of business operations and investments in real-time, with data flows that underpin tangible targets and drive consistent emission reductions. By enabling carbon data to flow efficiently between a company, its supply chain, and its climate initiatives, the software provides a clear audit trail that steers action. Key benefits include:
Automated carbon accounting across the entire supply chain - scope 1, 2, and 3 emissions.
Artificial intelligence identifies emissions hotspots, enabling teams to set, track and achieve carbon reduction targets.
Integration with enterprise resource planning (ERP) systems and raw data across all emission categories within the proprietary Emitwise Carbon Calculator.
Compliance with auditing and disclosure systems like CDP, the GHG Protocol, and the Task Force on Climate-related Financial Disclosures (TCFD).
Emitwise also works alongside Riverstone Holdings, the New York-based global energy private equity firm, which has raised over $5bn of equity across low-carbon platforms.
Robert Tichio, Partner and Head of Riverstone’s Decarbonization Growth Equity strategies, said:
“With a rapidly increasing share of our capital dedicated to decarbonising the global economy, we are committed to providing superior analytics on the carbon footprints of our portfolio to our investors. We are partnering with Emitwise to actively elevate emissions data and carbon reporting as a new standard across institutional investment categories.”
Emitwise is deploying the additional $3.2 million investment to grow its team of carbon accountancy experts to support more customers corporate accountancy needs. To date, a range of funds have invested in Emitwise’s growth journey, including True Ventures, Social Impact Capital, Lightbird Ventures, and others.
127 countries are now committed to net zero and in 2020, the number of companies committing to net zero carbon targets tripled. Increasing emissions disclosure requirements and regulatory demands has rapidly accelerated the requirement for carbon accounting.
